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RAKBANK-
The National Bank of Ras Al Khaimah (Rakbank)’s net income after tax rose 32.6% y-o-y to AED 599.7 mn in 3Q 2024, according to its financial statements (pdf). The lender logged AED 1.2 bn in operating income during the quarter, up 7% y-o-y. Net interest income and net income from Islamic financing for the quarter rose 7% to AED 901 mn.
On a nine-month basis, Rakbank’s net income jumped nearly 25% y-o-y to AED 1.69 bn. The bank recorded AED 3.55 bn in operating income, marking an 8.1% y-o-y increase, while net interest income and income from Islamic finance increased to AED 2.66 bn, up 8% y-o-y during the first nine months of the year.
Behind the robust performance: “This success is underpinned by strong balance sheet growth on both sides of the balance sheet, well diversified business mix and prudent risk management, positioning us well for continued growth. The bank remains well capitalized and continues to deliver strong shareholder returns,” Rakbank’s CEO Raheel Ahmed said in the earnings release (pdf).
ADNH CATERING-
ADNH Catering publishes first financials: Abu Dhabi National Hotels’ (ADNH) catering business ADNH Catering reported a 27.8% y-o-y decline in net income to AED 100.9 mn in the first nine months of the fiscal year running between July 2023 and June 2024, according to its financials (pdf). Revenues dipped 5% y-o-y to AED 1 bn.
REMEMBER- ADNH Catering is set to debut on the ADX tomorrow. The company raised AED 864 mn in gross proceeds for its IPO, selling a 40% stake in ADNH Catering. The offering was “multiple times” oversubscribed and priced at AED 0.96 per share — the upper end of the AED 0.91-0.96 range initially guided.
AJMAN BANK-
Ajman Bank’s turned to the black with a net income of AED 74 mn in 3Q 2024, after turning a loss of AED 189.6 mn in the same period in 2023, according to its financials (pdf). The bank’s operating income slightly increased by 3.3% y-o-y to AED 386.2 mn.
On a nine-month basis, the lender’s bottom line came in at AED 289.5 mn, after turning a loss of AED 87.3 mn in 3Q of last year. Income before tax was the highest in the company’s history at AED 313 mn, according to an earnings release. Ajman Bank also achieved AED 1.2 bn in operating income, rising by 8.7% y-o-y during the period.
